Registered number
11651402
PPV Properties Limited
Filleted Accounts
31 October 2023
PPV Properties Limited
Registered number: 11651402
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 3 3,284,925 3,279,925
Tangible assets 4 79,981 392
3,364,906 3,280,317
Current assets
Debtors 5 6,418 3,762
Cash at bank and in hand 25,426 19,130
31,844 22,892
Creditors: amounts falling due within one year 6 (2,845,900) (2,844,580)
Net current liabilities (2,814,056) (2,821,688)
Total assets less current liabilities 550,850 458,629
Creditors: amounts falling due after more than one year 7 (59,650) -
Provisions for liabilities (93,626) (45,236)
Net assets 397,574 413,393
Capital and reserves
Called up share capital 92 92
Profit and loss account 397,482 413,301
Shareholders' funds 397,574 413,393
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Larrington
Director
Approved by the board on 20 March 2024
PPV Properties Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Rents and service charges from lettings are recognised net of losses from voids.
Income is recognised from the date the property is first let.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on written down value
Motor vehicles 25% on written down value
Investment properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provides for. Changes in fair value are recognised in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investment property £
Fair Value
At 1 November 2022 3,279,925
Revaluations 5,000
At 31 October 2023 3,284,925
Net book value
At 31 October 2023 3,284,925
At 31 October 2022 3,279,925
Fair value at 31 October 2023 is represented by:
2023 2022
£ £
Valuation in 2020 63,255 63,255
Valuation in 2021 135,000 135,000
Valuation in 2022 238,086 238,086
Valuation in 2023 5,000 -
Additions - 1,058,261
Historical Cost 2,843,584 1,785,323
3,284,925 3,279,925
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 November 2022 698 - 698
Additions - 85,000 85,000
At 31 October 2023 698 85,000 85,698
Depreciation
At 1 November 2022 306 - 306
Charge for the year 98 5,313 5,411
At 31 October 2023 404 5,313 5,717
Net book value
At 31 October 2023 294 79,687 79,981
At 31 October 2022 392 - 392
5 Debtors 2023 2022
£ £
Other debtors 6,418 3,762
6,418 3,762
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 4,623 -
Taxation and social security costs 7,201 8,904
Other creditors 2,834,076 2,835,676
2,845,900 2,844,580
Obligations under finance lease and hire purchase contracts falling due within one year of £4,623 (2022: £nil) are secured against the assets of the company.
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 59,650 -
59,650 -
Obligations under finance lease and hire purchase contracts falling due after more than one year of £59,650 (2022: £nil) are secured against the assets of the company.
8 Other information
PPV Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
62 Main Street
Yaxley
Peterborough
PE7 3LU
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